Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Soup in South Korea

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Executive Summary

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TRENDS

In Korean food, soup, which is normally called Guk, Tang and Jjigae, is considered to be very good for consumers these days. Consumers see it as being convenient for immediate consumption and the taste is better than cooking at home. Shelf stable soup was the most dynamic category in 2017 with current value growth of 26%, as new products with a good taste attracted consumers with the offer of convenience.

COMPETITIVE LANDSCAPE

Ottogi Foods held a value share of 32% in soup in 2017, recording sales of KRW41.1 billion. The company maintained the leading position in shelf stable soup and dehydrated soup. The company dominated shelf stable soup until 2015, when it lost value share to CJ Cheiljedang which entered the category with a new product. However, Ottogi’s shelf stable beef oxtail soup and beef bone soup products are still considered the original convenience home meal replacement. Within dehydrated soup, Ottogi Foods recorded a value share of 62% despite seeing a decline in current value terms in 2017.

PROSPECTS

Soup is expected to increase at a value CAGR 6% at constant 2017 prices over the forecast period thanks to the strong performance of shelf stable soup, which is predicted to increase at a CAGR of 10%. This is based on the introduction of more new flavours by the leading players and retailers. Chilled soup is set to increase at a value CAGR of 6% at constant 2017 prices, with this being based on the projected strong performance of private label products which are mainly distributed in hypermarkets.

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